"We're rightfully expected to be a part of turning around the economy," she said.

UConn has set in place a multiyear hiring plan to bring in 300 new faculty members across all campuses and all academic disciplines, Herbst said.

In addition, with the $850 million pledged by the governor and General Assembly, the university plans to expand and renovate its health center in Farmington, a program called Bioscience Connecticut. This includes additions to the medical and dental schools, as well as a new genetic medicine lab built in a partnership with the Jackson Laboratory of Maine.

"The key to this all, besides the capital projects, is to hire faculty and clinicians in Farmington," Herbst said. "It's an example of one area that's about research and curing disease but also about creating jobs."

The hospital expansion, which broke ground earlier this month, will bring construction jobs to the area, and eventually generate jobs for faculty and clinicians, some of whom likely will move to the area and contribute to the state economy.

"The governor has put so much responsibility on us," Herbst said. "He expects job creation out of Farmington, and that's what we're going to bring him, in addition to the research."

UConn plays a critical role in the economic future of both Stamford and the state, according to council President Chris Bruhl.

"Academic excellence and economic development are compatible, not competitive," Bruhl said.

UConn's star has been rising in the world of research universities; the school boasted 30,000 applicants for 3,000 spots this year and was recently named among the top 20 research universities in the country by U.S. News & World Report.

"I think that designation, as well as better marketing on our part, had to do with the increase in applications this year," Herbst said.

The university also set its sights on the Stamford campus as another target for upgrade and overhaul, with a potential expansion of the facility under consideration and a plan for the building of a residential option for students.

Academically, the Stamford campus is slated for additions in financial management, global risk management and digital media, among others.

"To target Stamford for growth with the curriculum idea, the staff idea and the housing idea is going to be a significant driver of growth in the area," said Gary Breitbart, a founding members of the Stamford Innovation Center.

With the state of post-college job opportunities looking grim, more students are thinking of creating their own jobs after graduation, turning to entrepreneurship classes while still in school, Herbst said.

Diane Rosenthal, executive director of the Fairchester chapter of the Network for Teaching Entrepreneurship, found this trend encouraging as she listened to Herbst.

"I think it's the wave of the future," Rosenthal said of entrepreneurship education. "If we can educate our children about what they can innovate and create, then they're on the road to being self-sufficient and passionate about their work."